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The name Maranatha is derived from a Biblical Verse: One Corinthians 16 V 22 which refers to Maranatha as meaning, “Our Lord Has Come”. Maranatha Ferrochrome (Private) Limited was established in 1998 by a group of Zimbabwean resident investors led by Mr. Dave Butcher who was then working for Union Carbide. The original shareholders in the project were the following persons who shared the same vision of building a Christian business that would support Christian Education:
| * Mr. Dave Butcher |
| * Mr. Graham Smythe |
| * Mr. Dominic Magwada |
| * Mr. Terry Garde |
| * Mubukuweni Trust |
Dave Butcher identified a dormant ferrochrome smelter that was owned by Rio Tinto at Eiffel Flats, in Kadoma some 140 km west of Harare. He then made an approach to Rio Tinto to buy the Plant. The offer was accepted and so they bought the plant with basic infrastructure that was comprised of:
* 1 x 5 MW Furnace:
* Day Bins for Raw Material
* 1 x 15 ton Overhead Crane
The shareholders then approached banks in South Africa to raise funding for the project. The project concept was bankable culminating in one of the banks suggesting that the investors link up with parties that had a market for the high carbon ferrochrome product. In this regard, Dave Butcher was introduced to Mr. Gianluigi Ghezzi, the Chairman of Gurta AG, a company domiciled and registered in Switzerland. Both Dave Butcher and Gianluigi Ghezzi had a similar vision aimed at helping and supporting christian communities. This resulted in Gurta AG becoming a shareholder in Maranatha Ferrochrome and a conduit through which Maranatha Ferrochrome sold its ferrochrome.
Upon taking over the Old Plant, the project promoters dismantled the old furnace in 1998. Replacement chrome smelting and processing equipment was shipped in from Europe and the reconstruction of the New Plant and installation of equipment brought in commenced the same year. The plant was commissioned in 1999.
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